The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1887-02-21
THE DEBT QUESTION.
THE SYNDICATE rnorosA1
In lsegard to We,t Virginia Certilcates-A
Comfortable Specuiation-IIow tho Sub.
mtAsion Amendment Is Viewed In
Warrington = Political Aspect.
Special Dispatch 10 Inc Iate,lioener.


WASHINGTON, D. O., Feb. 20.-several
months agothe INrRLLloENcERc correspond.
ent predicted in these dispatches that q
proposition would be made 10 the Legis.
lature by the holders OF Wpst Virginia
certificates, looking 10 tho settlement ol
the States share Of tho Virginia debt.
Within the past month he predicted tha.
the very proposi.ion rendered by Messxs.
Alaben and Jamison last Thursday, would
be made before tho Legislatures adjourn.
ment. Both these dispatches were re.
garded, at the time Of their appearance, as
sensational. Some OF the State press in.
dulged in ancers at your correspondent,
and charged that he was simply dishing
Up "hotel gossip" for sinister purpose,
He did not produce his authority OF the
time, feeling sure that the full develop.
ment Of the scheme would come in few
weeks. "l,-I SOS
Now, II has developed. What Mr.. James
NJ. Mason has been laboring for during
the past few years has como to pass. Nj.
Masons able newspaper, tho IYe,t Tirginid
Democrat, is one Of the few journals that
kept silent about tho Washington dis.
patches, for 1t WAS ono OF tho few besides
the lNrELIlaESCER that knew they were
based on truth.
Incident to tho matter, a gentleman in
this city said to your correspondent this
afternoon: "The proposition OF tho Nav
York syndicate to tho Legislature to as.
sumo 100000 debt will not produce
much OF eeneation in the State at this
timo. No one believes that guch meas.
ure would be passed by the. Legislature,
because there are not enough members
favorable to 1t. Even il there are, they
do not believe that We are financially able
to assume tho obligation. Our revenues
are scarcely sufficient to pay present OK.
penses, and the adoption OF the prohibi.
ton amendment, which is not improba.
Bile, will still further decrease them. To
assume this debt at present would be 10
invite bankruptcy, and would not like
to be in the Shoes oi the men who would
take the responsibility Of such action.
Our people arc not repudiators, aud 1t is
reasonably certain that majority OF them
are in favor Of settling on an equitable
basis, but they would repudiate the elor,
to saddle upon us more than we Justly
owe. The proposition Of the New York
gentlemen is to turn over to us the amount
fixed BY our Commissioners in 1871. and
they claim our proportion is 5000, 900.
Ii the syndicate cannot get what Its asks
Tor, it will then propose q compro.
mise. Did / read Ex-Governor Pierpont's
history Of the debt, published recently in
the IErELLIGENcEa? Yes; it was an inter.
es!!ng paper, and correct in every partic-
u!ar. No man in the country is moro
familiar with the facts dealt with than the
old War Governor. He taken the proper
and just ground on The matter. Hisideas
may not provo popular with some people
who are not disinterested, but thoy ars
right just the same, and BASED upon the
indifputable iacts Of history" AS I hays
before told you, hundreds Of thousands Of
dollars Of West Virginia certificates arc il,
the hands Of some Of our public men.
They arc therefore, Interested personally
in the proposed scheme. The securities
were placed in their hands by the syndi-
cate on the nominal payment Of five cents
on the dollar. The gcheme is finally to
get the State to take them for about TWEEN
ty-hve cents on the dollar, making very
nice speculation Tor the holders. II .he
matter comes up before tho Legislature,
will bo ablo to give you some readable
pointers Oh the subject" s.